Maitland Office Building Trades For $211 PSF

Dec 19, 2016 No Comments by

Cushman & Wakefield has negotiated the sale of a 16,253-square-foot freestanding office building at 222 West Maitland Boulevard.

Managing Director Damien Madsen and Senior Associate Tommy Pinel represented seller Penta Partners, LLC, a group comprising the founding partners of Helman Hurley Charvat Peacock Architects (HHCP), in the sale of the asset. HHCP’s founding partners recently sold their interest in the firm but retained ownership of 222 West Maitland Boulevard. 

SESCO Lighting acquired the building for $3.425 million, or $211 per square foot.

SESCO Lighting, the nation’s largest lighting manufacturers’ representative company with more than 200 employees and annual sales approaching $300 million, will relocate its Winter Park headquarters to 222 West Maitland Boulevard.

222 West Maitland Boulevard is a single-story, freestanding Class A structure developed in 1983 and completely renovated in 2005. The building was originally developed as office space, then converted for the academic purposes of Willow Schools before reverting back to office use. It was vacant at the time of sale. The building is situated on a 1.71-acre parcel on West Maitland Boulevard, providing exceptional access to Interstate 4 and U.S. 17/92 and directly across Maitland Boulevard from a proposed $60 million mixed-use development that will feature 350 multifamily units and a 150,000-square-foot retail development anchored by a specialty grocer.

 

“We were so pleased with the professional service and spot-on advice we received from Damien and Tommy,” said Alan Helman, HHCP Active Founder. “They advised us through the entire process, which resulted in the best results we could have hoped for regarding the disposition of our property.”

 

“It was a win-win for everyone involved,” added Helman.

According to Madsen, the building’s quality finishes, superior location and prevailing market conditions drove the strong activity and attraction to this property.

 

“This was a unique, contemporary offering located in one of Orlando’s hottest office markets,” said Madsen. “A tightening Class A rental market and favorable debt conditions heightened investor and user interest.”

 

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Industry News, NA, Office
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